Upwork Q2 revenue $168.6M (+7% YoY); raises FY23 adj. EBITDA guidance to $50-55M

UPWORK, INC

2023-Q2 EPS reported -$0.18 revenue$329,469,000

Revenue $168.6M (+7% YoY); GAAP net loss ($4.0M) vs ($23.8M) YoY; adj. EBITDA $14.4M vs ($1.9M) YoY.
Raised FY23 adj. EBITDA guidance to $50-55M from prior; expects improved profitability.
Enterprise revenue $14.3M (+16% YoY); added 19 new Enterprise Clients including Mastercard, RRD.
Generative AI job posts up >1000% vs Q4 2022; launched AI Services hub and OpenAI partnership.
Active Clients ~822,000 (+2% YoY); GSV per active client $4,987 (+2% YoY).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UPWORK, INC reported second quarter of 2023 results: revenue $168.6 million, net income GAAP net loss of $(4.0) million. Guidance raised.

Period: second quarter of 2023
Revenue: $168.6 million
Net income: GAAP net loss of $(4.0) million
Guidance: raised
Result: reported results

Exact text from the filing

second-quarter 2023 revenue of $168.6 million, up 7% from a year ago, and Gross Services Volume (GSV) that again exceeded $1 billion for the quarter. We recorded GAAP net loss of $(4.0) million and adjusted EBITDA of $14.4 million this quarter, compared to GAAP net loss of $(23.8) million and adjusted EBITDA loss of $(1.9) million in the second quarter of 2022.

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Source: SEC EDGAR

accession 0001627475-23-000048

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